Tuesday, October 06, 2009

Cityscape real estate show unveiled

Cityscape, the Gulf's major annual real estate show was unveiled in Dubai today, as a scaled-down version of past years, reflecting steep deterioration in the property sector of the emirate.

The floor space used by property developers were lesser by 30 percent compared to last year, while attendance during the four-day event is hoped to drop by 20 percent this year, according to organizers. Last year's event saw the participation of 1500 companies from 150 countries.

Over the past couple of years, Cityscape has been a venue to unveil new projects. However, this year only nearly-completed developments and pre-announced projects have been featured.
According to Cityscape Managing Director, Rohan Marwaha, people are not expecting multi-billion dollar project launches or major finance deals at this year's event.

Nakheel, major master developer in Dubai had earlier announced plans to build a kilometer tall tower, competing with Emaar, who's nearly-completed Burj Dubai is already the world's tallest building stands above 800 meters in height. However, no impressive displays of the towers have been on the show this year.

Nakheel has confined to a scale model of completed Palm Jumeirah, the only one completed among three man-made palm shaped islands, apart from other smaller projects. Projects of several other developers on the show remain in the "concept" stage.

Meanwhile, Abu Dhabi developers are seen to have made a stronger presence by occupying larger portions of this year's show.

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